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shtirl [24]
2 years ago
11

Jervis sells $75,000 of its accounts receivable to Northern Bank in order to obtain necessary cash. Northern Bank charges a 5% f

actoring fee. What entry should Jervis make to record the transaction?

Business
1 answer:
Natasha2012 [34]2 years ago
4 0

Answer:

Debit cash by $71,250, factoring expense by $3,750 and credit account receivable by $75,000.

Explanation:

Step 1 of 2

Calculate the amount of factoring fee.

Factoring fee = 5% ×Account Receivable

=5%×$75,000

=$3,750

​

Step 2 of 2. Journey record. Image attached.

Debit cash by $71,250, factoring expense by $3,750 and credit account receivable by $75,000.

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yarga [219]

Three workers per day is minimum resource limit.

<u>Explanation:</u>

Every day he needs maximum of 3 workers, so this can be set of the minimum resource limit for the project.

Thus, the minimum resource limit for the project is -  Three workers per day

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4 0
2 years ago
Kathy is a senior teacher in her school. She is conducting a group discussion between parents and teachers. Her role is to ensur
Lilit [14]
<span>Kathy’s role in the group discussion is what we called Discussion leaders. Discussion leaders have a very important role during discussion. She must inform the group of what to expect in the discussion and give the members time to contribute ideas in the discussion. </span>
6 0
2 years ago
There are simultaneous changes in the demand for and supply of tablet​ devices, with the consequences being an unambiguous decre
lord [1]

Answer: c. Demand decreases and supply decreases.

Explanation:

When demand for tablets decrease, the demand curve shifts to the right. The price and quantity declines. At the same time, when supply also falls, the supply curve shifts to the left leading to an increase in price and a fall in quantity.

Since, decrease in demand and supply have opposite effect on the price there is no change in the price of tablets.

Both the forces work towards reducing quantity to quantity will fall unambiguously.

Thus, the correct option is c, Demand decreases and supply decreases.

3 0
2 years ago
Spaniards can produce 10 gallons of wine or 8 gallons of olive oil per worker hour. Americans can produce 9 gallons of wine or 6
Drupady [299]

Answer:

a. Americans, Spanish

Explanation:

<u>Particulars  Wine  Olive Oil    Opportunity   Opportunity cost of Olive oil</u>

<u>                                          cost of Wine</u>

Spaniards    10            8           0.8                   1.25

Americans   9             6           0.67                 1.5

From the above table, the first option is correct

3 0
2 years ago
Last year, Mountain Top, Inc., purchased a coal mine at a cost of $900,000. The salvage value has been estimated at $100,000. Th
melisa1 [442]

Answer:

The Journal entry is as follows:

Depletion expense - Coal Deposit  A/c     Dr. $280,000

To Accumulated depletion -Coal Deposit                        $280,000

(To record the depletion expense for the current year)

Workings:

Depletion per ton = (cost - Salvage) ÷ Total units of production

                              = ($900,000 - $100,000) ÷ 200,000

                              =  $4 per ton

Depletion expense = Tonnage tons mined current year × Depletion per ton

                                = 70,000 tons × $4

                                = $280,000

6 0
2 years ago
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